Singapore’s MAS Comfortable with Cooling Market and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, the managing director of Singapore’s central bank voices confidence in the local property market after a spate of cooling measures, and Blackstone’s BREIT vehicle considers further asset sales. Also making the list today, Sunac China pushes forward with its credit restructuring and a Shenzhen residential site attracts fierce bidding.

Singapore Central Bank Sees Property Market in ‘Good Place’

Singapore’s residential property market is in a “reasonably good place”, according to the nation’s central bank.

There are signs that prices have moderated and are stabilising, Ravi Menon, managing director of the Monetary Authority of Singapore, said at a briefing Wednesday, following the release of MAS’s annual report. Read more>>

Blackstone REIT Liquidates Assets as Redemption Requests Continue

Blackstone Real Estate Income Trust, which recently made news for exercising a clause that restricted owner withdrawals for several consecutive months, has not taken the news lying down.

The trust is still trying to raise money for its shareholders and recently announced the sale of $3.1 billion worth of its commercial portfolio. It’s also rumoured to be considering a sale of its Las Vegas portfolio. Read more>>

Hong Kong Court to Hear Sunac’s Plan to Hold Debt Restructuring Meeting

Sunac China Holdings announced that the convening hearing in respect of the developer’s debt restructuring plan, at which an order will be sought from the Hong Kong High Court to convene a meeting for creditors to consider the scheme, is scheduled to be heard before the court at 10am Hong Kong time on 26 July.

Further announcements will be made by the company to inform shareholders and other investors of any material developments relating to the scheme as and when appropriate. Read more>>

China Overseas Land & Investment Wins Shenzhen Residential Site with $1.7B Bid

Fierce bidding for a plot of premium land in Shenzhen at the end of last week was a stark contrast to China’s slack property market, with the winning bidder forking out RMB 12.5 billion ($1.7 billion), the maximum amount set by the local government.

After 155 rounds of bidding, China Overseas Land & Investment won the rights to develop the land on 30 June. It was the eighth plot in Shenzhen ever to go for more than RMB 10 billion. The local government offered the 36,000-square-meter plot at a starting price of RMB 10.9 billion and a ceiling price of RMB 12.5 billion, equal to a maximum of RMB 133,000 per square metre of gross floor area. Read more>>

Shimao’s $1.8B Distressed Development Site Attracts No Bids at Court Auction

A $1.8 billion project by defaulted Chinese developer Shimao Group failed to find a buyer at a forced auction, underscoring the lack of investment appetite amid a weakening economy.

No buyers bid for a land portfolio spanning an area equivalent to 34 football fields, even though the asset was offered at a price 20 percent lower than its appraised value, according to results posted on online auction site JD.com. Read more>>

Fantasia to Finalise Documentation of Debt Restructuring Plan

Fantasia Holdings announced that the company and its financial and legal advisors are actively working with the offshore bondholders’ group and their advisors to finalise the documentation of the developer’s offshore debt restructuring proposal. The company has applied to Hong Kong’s High Court to set a date to advance the relevant scheme of arrangement.

The hearing date for the winding-up petition of the company at the Cayman Islands had been adjourned to 5 July. The hearing date for the winding-up petition of the subsidiary at the Hong Kong High Court has been adjourned to 17 July. Read more>>

Hong Kong’s Reopening Brings Scant Gains for Financial Hub

Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asia’s premier finance and tourism hub.

Hong Kong, led by former policeman and now Chief Executive John Lee, has been pushing hard to revive the city’s reputation with high-level events, new visas programmes to lure top talent, tax concessions for the wealthy, and free airline tickets for visitors. Read more>>

Japan’s Top Property Firms Log Positive Fiscal Year Earnings

Fitch Ratings has released its Japanese Real Estate Snapshot, looking at the state of the country’s six leading property companies for the fiscal year, and they all remained on solid ground in terms of earnings, according to the report.

Positive earnings prevailed as the real estate portfolios of Mitsubishi Estate, Mitsui Fudosan, Sumitomo Realty and Development, Tokyu Fudosan, Nomura Real Estate Holdings and Tokyo Tatemono increased in size by 6 percent year-on-year. Read more>>

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